Breaking: What’s Next for First Merchants Corporation After Making 52-Week High?

Breaking: What's Next for First Merchants Corporation After Making 52 Week High?

The stock of First Merchants Corporation (NASDAQ:FRME) hit a new 52-week high and has $39.90 target or 27.00% above today’s $31.42 share price. The 7 months bullish chart indicates low risk for the $1.34B company. The 1-year high was reported on Nov, 11 by If the $39.90 price target is reached, the company will be worth $361.80M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 162,985 shares traded hands or 58.02% up from the average. First Merchants Corporation (NASDAQ:FRME) has risen 31.30% since April 11, 2016 and is uptrending. It has outperformed by 25.15% the S&P500.

First Merchants Corporation (NASDAQ:FRME) Ratings Coverage

Out of 3 analysts covering First Merchants (NASDAQ:FRME), 2 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 67% are positive. First Merchants has been the topic of 7 analyst reports since August 18, 2015 according to StockzIntelligence Inc. The company was initiated on Friday, October 2 by Stephens. On Wednesday, December 16 the stock rating was initiated by SunTrust with “Neutral”. On Friday, January 29 the stock rating was upgraded by Stephens to “Overweight”. On Tuesday, August 18 the stock rating was upgraded by Zacks to “Sell”. On Wednesday, September 28 the stock rating was maintained by DA Davidson with “Buy”. The rating was initiated by DA Davidson with “Buy” on Thursday, July 21.

According to Zacks Investment Research, “FIRST MERCHANTS CORP. is a bank holding company engaged in conducting commercial banking business through the offices of its banking subsidiaries.”

Insitutional Activity: The institutional sentiment decreased to 1.1 in 2016 Q2. Its down 1.11, from 2.21 in 2016Q1. The ratio is negative, as 6 funds sold all First Merchants Corporation shares owned while 44 reduced positions. 8 funds bought stakes while 47 increased positions. They now own 30.26 million shares or 0.92% less from 30.54 million shares in 2016Q1.
Fcg Advsrs has 90,473 shares for 0.71% of their US portfolio. Envestnet Asset Mgmt owns 7,074 shares or 0% of their US portfolio. Blackrock Grp Incorporated holds 0% or 14,524 shares in its portfolio. Alliancebernstein Ltd Partnership has invested 0% of its portfolio in First Merchants Corporation (NASDAQ:FRME). New York State Common Retirement Fund holds 429,050 shares or 0.02% of its portfolio. Us Bancorp De owns 36 shares or 0% of their US portfolio. The Indiana-based First Merchants Corp has invested 0.12% in First Merchants Corporation (NASDAQ:FRME). Lsv Asset Mgmt holds 0.01% or 272,038 shares in its portfolio. Pinnacle Limited Liability Com accumulated 0% or 20,569 shares. Tiaa Cref Investment Limited Liability Co has invested 0% of its portfolio in First Merchants Corporation (NASDAQ:FRME). Metropolitan Life Insurance Communication Ny, a New York-based fund reported 29,615 shares. Lord Abbett And Communications Limited Liability, a New Jersey-based fund reported 1.31 million shares. Voya Management Ltd Company reported 16,794 shares or 0% of all its holdings. Int Group Inc holds 0% of its portfolio in First Merchants Corporation (NASDAQ:FRME) for 23,461 shares. The California-based California State Teachers Retirement System has invested 0% in First Merchants Corporation (NASDAQ:FRME).

Insider Transactions: Since May 13, 2016, the stock had 12 buys, and 2 sales for $217,876 net activity. LORENTSON JEFFREY B had bought 14 shares worth $296. 64 shares were bought by Lehman Gary, worth $1,661 on Wednesday, June 1. 19 First Merchants Corporation (NASDAQ:FRME) shares with value of $493 were bought by Sherman Patrick A. ENGLISH RODERICK had sold 2,500 shares worth $62,240 on Friday, May 13. Stewart Michael J bought 43 shares worth $909. MARTIN JOHN also sold $134,587 worth of First Merchants Corporation (NASDAQ:FRME) on Thursday, August 18.

More recent First Merchants Corporation (NASDAQ:FRME) news were published by: which released: “First Merchants Corporation Announces Record Third Quarter 2016 Results” on October 25, 2016. Also published the news titled: “Form 8-K FIRST MERCHANTS CORP For: Nov 10” on November 10, 2016.‘s news article titled: “First Merchants Corporation to Report Third Quarter 2016 Financial Results …” with publication date: October 04, 2016 was also an interesting one.

FRME Company Profile

First Merchants Corporation, incorporated on September 20, 1982, is a financial holding company. The Firm has a bank charter, First Merchants Bank, National Association (the Bank), which is opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Ameriana Bank, Ameriana Financial Services and First Merchants Trust Company as divisions of First Merchants Bank, N.A. The Bank includes approximately 120 banking locations in approximately 30 Indiana, over two Illinois and over two Ohio counties. In addition to its branch network, the Company’s delivery channels include automated teller machines, check cards, remote deposit capture, interactive voice response systems and Internet technology. The Company, through the Bank, offers a range of financial services, including accepting time deposits, savings and demand deposits; making consumer, commercial, agri-business and real estate mortgage loans; renting safe deposit facilities; providing personal and corporate trust services; providing full-service brokerage, and providing other corporate services, letters of credit and repurchase agreements.

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